Do Kwon, the controversial inventor of the now-defunct Terra ecosystem, is the subject of an escalated manhunt, with reports indicating that South Korean authorities have confirmed they have dispatched at least two personnel to Serbia in an effort to locate him.
According to a story that was published on the 7th of February by Bloomberg, the prosecutor’s office in Seoul said that the rumors “aren’t fake” about members of its team venturing out to the Balkan state in order to locate Kwon.
It would seem that at least two state officials traveled, one from the office of the prosecutor, and the other from the Ministry of Justice in South Korea.
Chosun Media, a magazine located in South Korea, said on December 11 that they had been notified by a state intelligence officer that Kwon had established a base of operations in Serbia.
There is no extradition treaty in place between South Korea and Serbia at the present time.
According to a recent opinion post written by Minso Kim for the Chosun Media outlet in South Korea, Kwon most likely found Serbia to be an excellent place to hide out as a result of the factors described above.
Kwon, however, has had his passport revoked by South Korea, which may make it more difficult for him to travel in the future.
Since South Korean prosecutors filed an arrest order against Kwon on September 14, he has been suspected of evading capture ever since. Kwon has rejected the allegations made against him throughout the month of October.
The failed entrepreneur, who is now 31 years old, has also been charged of violating regulations governing capital markets.
It is well knowledge that Kwon is a frequent tweeter; yet, he spent over two months without tweeting or retweeting a single message, which has led some people to wonder what the controversial figure has been up to in that time.
However, Kwon recently gave a response to an accusatory tweet that was directed at him, in which he said that he has never taken anybody else’s money and has never participated in any “hidden cashouts.”
Kwon has, up to this point, denied any misconduct.
The de-peg of the algorithmic stablecoin known as TerraClassicUSD (USTC), which caused the collapse of the Terra ecosystem, was one of the contributing factors. Terra Classic (LUNC) was intimately connected to the stablecoin, with the latter also approaching 100% of its value.
There was an estimated loss of value of sixty billion dollars brought on by the environment.